The Coinbase Institutional Coverage Group is a product created to offer sales, trading, research, market ops as well as client services support to institutional investors. The company said it's holding more than $20 billion in digital assets, and custodial services will be available to investors with at least $10 million in deposits. "Our new partnership will set the required standards that will bring peace of mind to digital asset investors, and provide tools and products to enable better integration with more traditional investment vehicles such as mutual funds".
Commenting their new offerings, Adam White, Vice President and General Manager of Coinbase Institutional explained: "There is clear demand from institutional clients and financial services professionals for more specific solutions with regard to cryptocurrencies that address their sophisticated needs".
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Coinbase is not the only firm looking at targeting Wall Street with new product offerings.
Its new product, Coinbase Custody, partners Coinbase with an SEC-regulated broker-dealer for third-party auditing and financial reporting validation.
Citing the plans of over 100 hedge funds that have revealed plans to trade in cryptocurrencies in the past few months alone, Coinbase says that a shift in the market has prompted a growing need to cater for high-end clients and institutions interested in the emerging investment opportunities cryptocurrency offers. Additionally, Coinbase feels that these products will help increase awareness and adoption by mainstream investors in the cryptocurrency market. Also, the arrival of bigger financial participants in the crypto market can possibly have instigated Coinbase to develop these initiatives.
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In a press release announcing the news, the company also confirmed the addition of a new Chicago office tasked with enhancing the development of the Coinbase Markets product offering.
The Chicago Coinbase office is reported to have six employees on staff, according to the Chicago Tribune. Other features of Coinbase Markets include low latency performance, on-premise data center colocation services and connectivity services.
Coinbase Prime is going to be a separate trading platform only for institutional investors. That is what The Coinbase Institutional Coverage Group aims to provide.
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The final piece of the puzzle for Coinbase is the establishment of the Coinbase Institutional Coverage group, which will be established in New York City as a hub for sales, sales trading, research, market operations, and client services. "This movement requires institutional grade products and services, something Coinbase has been developing with leading institutions and which we are proud to formally launch today".